Acct 550 Midterm Exam All Possible Questions Answers Essay

1042 Words Sep 4th, 2015 5 Pages
ACCT 550 Midterm Exam All Possible Questions Answers
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ACCT 550 Midterm Exam All Possible Questions Answers
(TCO A) The quality of information that gives assurance that is reasonably free of error and bias and is complete is
TCO A) Issuance of common stock for cash affects which basic element of financial statements?
(TCO B) Retained earnings at 1/1/1X was $150,000 and at 12/31/1X it was $200,000. During 2010, cash
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GAAP? Explain in detail.
(TCO C) (TCO C) Blue Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 201X, included the following expense accounts.
Accounting and legal fees $150,000
Advertising $125,000
Freight-out $65,000
Interest $80,000
Loss on sale of long-term investments $35,000
Officers’ salaries $200,000
Rent for office space $160,000
Sales salaries and commissions $110,000
One half of the rented premises are occupied by the sales department.
How much of the expenses listed above should be included in Perry’s general and administrative expenses for 201X?
(TCO C) An income statement shows “income before income taxes and extraordinary items” in the amount of $3,000,000. The income taxes payable for the year are $1,500,000, including $260,000 that is applicable to an extraordinary gain. Thus, what is the “income before extraordinary items”?
(TCO C) Ivy Co. had the following account balances.
Sales $ 120,000
Cost of goods sold 70,000
Salary expense 15,000
Depreciation expense 20,000
Dividend revenue 5,000
Utilities expense 6,000
Rental revenue 30,000
Interest expense 10,000
Advertising expense 15,000
What would Ivy report as total expenses in a single-step income statement?
(TCO B) Prepaid rent at 1/1/1X was $25,000. During 201X, rent payments of $123,000 were made and charged to “rent expense.” The 201X income statement shows as a general

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